Yen keeps losing ground
Tatiana Norkina, FBS analyst
The Japanese currency keeps weakening against the American. Yesterday, we witnessed new highs, in the 2007 extremes area - 124.00. The development of the uptrend on USD/JPY has continued this morning as well - the bulls reached the 124.30 level, then the prices returned under the 124th figure.
The four-hour situation is under full control of the bulls: all Ichimoku lines are directed upwards, backed up by the active golden cross and the bullish cloud.
At the same time, Chinkou Span clearly indicates the pair's overboughtness. Therefore, prior to new purchases, one should wait for a full correction to the Tenkan or Kijun lines.
Technical levels: support – 123.30; resistance – 124.30.
1. Buy — 123.30; SL — 123.10; TP1 — 124.00; TP2 — 124.30.